Question Completion Status QUESTION 1 Which of the following is not a characteri

Question

Question Completion Status QUESTION 1 Which of the following is not a characteristic of a competitive market? a. Entry is limited. b. Buyers and sellers are price takers. O c. Each firm chooses an output level that maximizes profits. O d. Each firm sells a vidually identical product QUESTION 2 Competitive markets are characterized by 0 a, unique products. O b. free entry and exit by firms. O c, the interdependence of firms. Od. a small number of buyers and sellers. Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answ

Explanation / Answer

1. In a competitive market, there are barriers to entry and exit. Therefore, statement A doesn't hold true.

OPTION A

2. Competitive markets offer free entry and exit.

OPTION B

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